The Land Sale Commission Agreement is a critical document used in Philippine real estate transactions when a property owner engages a licensed real estate broker to sell land. This agreement is essential for establishing a professional relationship between the parties and ensuring compliance with Philippine regulations, particularly the Real Estate Service Act (RESA) and the Civil Code. The document typically includes comprehensive details about the property, commission structures, broker's responsibilities, marketing arrangements, and payment terms. It's particularly important in the Philippine context due to specific local requirements regarding real estate practice, foreign ownership restrictions, and mandatory licensing of real estate professionals. The agreement protects both parties by clearly defining expectations, obligations, and compensation terms, while ensuring the transaction process adheres to all relevant legal requirements.
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Key Requirements PROMPT example:
Land Sale Commission Agreement
"I need a Land Sale Commission Agreement for my 2-hectare commercial property in Makati, Philippines, with an exclusive 6-month listing period starting January 2025 and a 5% commission rate for my preferred broker who will handle all marketing and negotiations."
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1. Parties: Identifies the property owner (Principal) and the licensed real estate broker/agent (Agent), including their complete details and RESA license information
2. Background: Explains the context of the agreement, including the property owner's intention to sell and the broker's willingness to provide services
3. Definitions: Defines key terms used throughout the agreement, including 'Property', 'Commission', 'Selling Price', and 'Closing'
4. Appointment and Scope: Specifies the nature of appointment (exclusive or non-exclusive) and detailed scope of services to be provided by the broker
5. Property Details: Comprehensive description of the property being sold, including legal description and title information
6. Commission Structure: Details of the commission rate, calculation method, and conditions for commission payment
7. Payment Terms: Specifies when and how the commission will be paid, including any installment arrangements
8. Representations and Warranties: Statements from both parties regarding their authority, capacity, and compliance with RESA
9. Obligations of the Agent: Detailed responsibilities of the broker including marketing, showing property, and documentation
10. Obligations of the Principal: Property owner's responsibilities including providing accurate information and access to the property
11. Term and Termination: Duration of the agreement and conditions for early termination
12. Governing Law: Specifies Philippine law as governing law and relevant jurisdictional details
13. Dispute Resolution: Process for resolving disputes between parties
14. Execution: Signature blocks and notarization requirements
1. Marketing Budget: Used when specific marketing expenses are to be shared or reimbursed by the property owner
2. Sub-Agents: Include when the broker is authorized to engage sub-agents or co-brokers
3. International Sales: Required when targeting foreign buyers, including compliance with foreign ownership restrictions
4. Digital Marketing Rights: Specific provisions for online marketing and social media promotion
5. Post-Termination Obligations: Include when there's need to protect commission rights for pending transactions after termination
6. Force Majeure: Added when parties want specific provisions for unforeseen circumstances
7. Confidentiality: Include when dealing with high-value or sensitive property transactions
1. Schedule A - Property Details: Detailed property description, including lot area, boundaries, improvements, and title information
2. Schedule B - Commission Rate Structure: Detailed breakdown of commission rates, including any sliding scales or special conditions
3. Schedule C - Marketing Plan: Specific marketing activities and timeline proposed by the broker
4. Schedule D - Required Documentation: List of documents required from the property owner
5. Appendix 1 - Property Photos and Plans: Visual documentation of the property
6. Appendix 2 - Broker's Credentials: Copies of broker's license and other relevant certifications
7. Appendix 3 - Standard Operating Procedures: Detailed procedures for property viewing, offer submission, and transaction processing
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Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Investment and Asset Management
Urban Planning and Development
Relevant Teams
Real Estate
Legal
Sales
Business Development
Compliance
Contract Administration
Property Management
Asset Management
Investment
Operations
Relevant Roles
Real Estate Broker
Property Owner
Real Estate Agent
Legal Counsel
Property Manager
Real Estate Director
Sales Manager
Business Development Manager
Contract Administrator
Compliance Officer
Real Estate Investment Manager
Asset Manager
Property Developer
Real Estate Consultant
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